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(U4) Bearish Theme Remains Intact
- RES 4: 119.00 Round number resistance
- RES 3: 118.58 High May 16 and a key resistance
- RES 2: 117.62 High Jun 5 and key resistance
- RES 1: 116.08/117.09 20-day EMA / High Jun 21
- PRICE: 115.33 @ Close Jul 2
- SUP 1: 114.35 Low Jun 11 and key support
- SUP 2: 114.02 1.236 proj of the May 16 - 29 - Jun 5 price swing
- SUP 3: 113.60 1.382 proj of the May 16 - 29 - Jun 5 price swing
- SUP 4: 112.77 61.8% of the Oct 19 - Dec 27 2023 rally (cont)
BTP futures traded lower last week and the contract has started this week on a soft note. The bear reversal from the Jun 5 high resulted in a break of key support at 115.54, Apr 25 low, highlighting a resumption of the downtrend. Sights are on 114.35, the Jun 11 low, where a breach would strengthen a bearish theme. Key resistance is 117.62, Jun 5 high. Clearance of this level would be bullish. Initial firm resistance to watch is 117.09, the Jun 21 high.
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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.